Mumbai, Mar 17 (PTI) Chief Economic Adviser K V Subramanian on Wednesday called up on the private sector to start investing in R&D-led innovation for their own benefits and to secure their future for the long-term from competition.

Had our software companies ploughed back a portion of their profits into research and development and innovation on time, we also could have our own Googles and Facebooks and Whatsapps long ago, he said and rued that they did not do it in the past nor are they doing enough today.

Addressing a virtual event organised by the Indian Private Equity and Venture Capital Association late this evening, he said since basic research will always have a market for application in the real economy, it all the more makes it urgent on the part of the private sector to invest more in R&D. Even there is market for applied research, he said.

Quoting the latest Credit Suisse report, he said the country, which is home to the third largest number of startups, has 100 startup unicorns now, and credited private capital for the fete. But he was quick to add that if the private sector invested more of their profits to fund innovation, the country can easily become the startup capital of the world.

It was the sheer strength of the ideas of the startup founders that made these 100 unicorns possible and with more private capital we can have many more unicorns, he said.

These 100 unicorns (a new company with over USD 1 billion valuation is called a unicorn) were born and became what they are because of the improvement in ease of doing business and also because of private capital, he said.

Subramanian said the country has joined the global innovation index of the top 50 nations that lead in innovation.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)